Interpublic Q1 Results Top Estimates
(RTTNews) - Interpublic Group of Cos., Inc. (IPG) reported Thursday that net income available to IPG common stockholders for the first quarter declined to $126.0 million or $0.33 per share from $159.4 million or $0.40 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter were $0.38 per share, compared to $0.47 per share in the year-ago quarter.
Total revenue for the quarter decreased 1.8 percent to $2.52 billion from $2.57 billion in the same quarter last year. Net revenue was also down 2.3 percent from last year at $2.18 billion. Organic net revenue edged down 0.2 percent.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.34 per share on revenues of $2.20 billion for the quarter. Analysts' estimates typically exclude special items.
Looking ahead, CEO Philippe Krakowsky said, "We continue to expect full-year organic growth at the midpoint of our range of 2% - 4%, with fully adjusted EBITA margin of 16.7%."
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